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1. Preparation Of Feasibility Study. The BORROWER shall have the STUDY prepared on the <br /> PROJECT in accordance with a scope of work prepared by the BORROWER'S consulting engineer, <br /> Steve Harris, P.E. The STATE has reviewed and approved said scope of work, which is attached <br /> hereto as Appendix A and incorporated herein. <br /> 2. Reports. The BORROWER shall provide the STATE with monthly reports on the progress of study <br /> activities and two (2) copies of the final report of the STUDY, prepared in compliance with the <br /> scope of work, within two (2) years of the date of this contract unless the STATE agrees in writing <br /> to an extension of such time. <br /> 3. Disbursement Of Loan Funds. The STATE shall loan funds to the BORROWER to pay for the <br /> costs associated with preparing the STUDY, up to a maximum amount of $75,000, not to exceed <br /> 50% of the study costs, in the following manner: ,x,4 } , <br /> a. Statement Of Costs. Duringthe preparation of the S the -OWER shall prepare <br /> P P � P P <br /> statements of the costs of the feasibility study and a frd ' h statements to the <br /> STATE. Each statement shall indicate the tas t h- ',-„,"= - performed and the <br /> percentage completion of each task by task number a 47,11,- ified i'f ppendix A. <br /> b. Payment Of Statements. Upon receipt and sproval by '_": `ATE of each such statement <br /> of costs, the STATE shall, within 30 days frorova,.f such statement, pay to the <br /> BORROWER up to 50% of the actual study costs#.,r�P'suc .e'°;=`on of the statement as has been <br /> approved by the STATE. *, , <br /> 4. DISTRICT'S and BORROWER'S Authors ,; • 3 ract. DISTRICT and the BORROWER warrant <br /> ',. _ <br /> that both the Board of Directors of th iv ..:;.• W and th governing body of the BORROWER have <br /> complied with the order establishing the DIgi:,r DER §37-45-112 and all statutory and other <br /> legal requirements and duly passed resolution t constitute legal actions of the DISTRICT and <br /> the BORROWER and are irrepealable for the ter of this loan contract, authorizing: <br /> a. The DISTRICT and the BORROWER to enter into and comply with the terms of this contract and <br /> the Promissory Note, and <br /> b. The BORROWER to make annual payments in accordance with the Promissory Note, and <br /> c. The DISTRICT and/or the BORROWER to obtain five (5) certificates of deposit each in the <br /> amount of one annual loan payment($16,611.10) as security for the loan, and <br /> d. The BORROWER to repay this loan to the STATE. <br /> Said resolutions are attached hereto as Appendix B and incorporated herein. <br /> 5. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the DISTRICT <br /> and the BORROWER shall submit to the STATE a letter from their attorney stating. that it is the <br /> attorney's opinion that the persons signing for the DISTRICT and the BORROWER were duly elected <br /> or appointed and have authority to sign such documents on behalf of the DISTRICT and the <br /> BORROWER and to bind the DISTRICT and the BORROWER; that the Board of Directors of the <br /> DISTRICT and the governing body of the BORROWER have validly adopted resolutions approving <br /> the execution and delivery of this contract; that there are no provisions in the Colorado <br /> Constitution, any state or local law, or the DISTRICT'S decree of incorporation that prevent this <br /> contract from binding the DISTRICT and the BORROWER; and that this contract will be valid and <br /> binding against the DISTRICT and the BORROWER if entered into by the STATE. <br /> 6. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment of this <br /> loan in the amount of up to $75,000 at an interest rate of 3.5% per annum for a term of 5 years <br /> Feasibility Report Loan Contract Page 2 of 8 <br />